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Braskem Rises Most Since September After Asset Sale to Odebrecht

Jan. 2 (Bloomberg) -- Braskem SA, Latin America’s largest petrochemicals maker, rose the most since September after it sold Brazilian assets for a total of 652 million reais ($319.6 million).

The stock climbed 6.4 percent to 13.62 reais at close in Sao Paulo, the most since Sept. 6.

Braskem sold Distribuidora de Aguas Camacari SA, a water treatment unit, and a 54.2 percent stake in Cetrel SA, a company responsible for treating industrial waste at the Camacari petrochemical complex, the Sao Paulo-based company said Dec. 28. Odebrecht SA, which holds a 38.1 percent stake in Braskem, bought the unit and the Cetrel stake, it said.

The company’s net debt was 13.18 billion reais in the third quarter, up from 10.76 billion reais in the year earlier period, Braskem said Nov. 8. The company’s rating outlook was changed to negative by Moody’s Investors Services on Nov. 28 on concern that higher oil prices would hurt margin profitability.

To contact the reporter on this story: Lucia Kassai in Sao Paulo at lkassai@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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